UAE retail sales set to climb by year-end
The UAE retail sales are expected to climb by the end of the year as the recession is over, a top official of Landmark Group said.
“The market has started to improve, particularly the UAE, which has started to show upward trends,” Manu Jeswani, chief executive of Landmark Group, told Khaleej Times during an interview.
He said Landmark Group has massive expansion plans in the MENA region with a focus on Lebanon, Egypt and Syria. “We are looking at new mall locations at all times for the luxury brands,” Jeswani said.
Excerpts of the interview:
What are the criteria in selecting the brands to bring to the UAE?
The UAE is an image-conscious country and because we have always been promoted as a one-stop shopping destination globally, our market is saturated with international brands so in selecting a brand to bring to the UAE, it needs to have a strong customer following and must be renowned internationally. Another criterion would be the fashion quotient of the brand being adaptable to the Middle East market.
How much of the international brands contribute to the overall income of Shoe Mart?
The international brands contribute 30 per cent to the overall Shoe Mart business. Our biggest contributors are Ecco, followed by Steve Madden, Kurt Geiger and Dumond.
What is the trend of consumer spending in terms of international brands?
Big brands have always had an allure. Consumers are always looking for international brands that bring the latest trends and are popular among the local population. The UAE is known as the fashion capital of the Middle East. Studies have shown that Dubai is now on a par with the likes of London, New York and Paris in terms of luxury high street with luxury brands setting up boutiques in big shopping malls in the UAE. Despite the economic slowdown across the globe, the UAE retail revenue continues to register growth because many people here are quite brand conscious.
Does going glocal, or using local ambassadors, help in promoting the brands?
Yes, definitely. The citizens of the UAE are among the biggest fans of luxury goods and seeing a local celebrity promoting the product is a big push for the local population to support the brand. The idea is to get closer to the target consumer and using local ambassadors will create an impact and would benefit the brand.